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Show Results For
-
All HBS Web
(2,839)
- People (9)
- News (557)
- Research (1,718)
- Events (4)
- Multimedia (10)
- Faculty Publications (828)
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- September 2017 (Revised July 2019)
- Case
Actera Group: Investing in Mars Cinema Group (A)
By: Victoria Ivashina and Eren Kuzucu
In summer of 2010, Murat Çavuşoğlu (HBS MBA 1994) led private equity firm Actera Group’s investment in Mars Cinema Group (Mars), the leading movie exhibitor in Turkey. Immediately after acquiring Mars and merging it with the second largest player in the market, AFM,...
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Keywords:
Private Equity;
Value Creation;
Transformation;
Valuation;
Entertainment and Recreation Industry;
Motion Pictures and Video Industry;
Turkey
Ivashina, Victoria, and Eren Kuzucu. "Actera Group: Investing in Mars Cinema Group (A)." Harvard Business School Case 218-020, September 2017. (Revised July 2019.)
- April 2002 (Revised February 2003)
- Module Note
Teaching Project Finance: An Overview of the Large-Scale Investment Course
By: Benjamin C. Esty
Large-Scale Investment is a case-based course about project finance for second-year MBA students. Project finance involves the creation of a legally independent project company financed with nonrecourse debt for the purpose of investing in a single-purpose industrial...
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Esty, Benjamin C. "Teaching Project Finance: An Overview of the Large-Scale Investment Course." Harvard Business School Module Note 202-086, April 2002. (Revised February 2003.)
- August 2000 (Revised July 2002)
- Background Note
Fundamental Enterprise Valuation: Return on Invested Capital (ROIC)
A technical note that defines return on invested capital (ROIC).
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Baldwin, Carliss Y. "Fundamental Enterprise Valuation: Return on Invested Capital (ROIC)." Harvard Business School Background Note 801-125, August 2000. (Revised July 2002.)
- Article
The Cross Section of Expected Holding Period Returns and Their Dynamics: A Present Value Approach
By: Matthew R. Lyle and Charles C.Y. Wang
We provide a tractable model of firm-level expected holding period returns using two firm fundamentals—book-to-market ratio and ROE—and study the cross-sectional properties of the model-implied expected returns. We find that 1) firm-level expected returns and expected...
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Keywords:
Expected Returns;
Discount Rates;
Holding Period Returns;
Fundamental Valuation;
Present Value;
Valuation;
Investment Return
Lyle, Matthew R., and Charles C.Y. Wang. "The Cross Section of Expected Holding Period Returns and Their Dynamics: A Present Value Approach." Journal of Financial Economics 116, no. 3 (June 2015): 505–525.
- 03 Nov 2020
- Working Paper Summaries
The Stock Market Value of Human Capital Creation
Keywords:
by Matthias Regier and Ethan Rouen
- September 2017
- Supplement
Actera Group: Investing in Mars Cinema Group (B)
By: Victoria Ivashina and Eren Kuzucu
In summer of 2010, Murat Çavuşoğlu (HBS MBA 1994) led private equity firm Actera Group’s investment in Mars Cinema Group (Mars), the leading movie exhibitor in Turkey. Immediately after acquiring Mars and merging it with the second larger player in the market, AFM,...
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- 10 Jun 2019
- Working Paper Summaries
Going Digital: Implications for Firm Value and Performance
Keywords:
by Wilbur Chen and Suraj Srinivasan
- Article
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...
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Keywords:
Financial Intermediation;
Institutional Investors;
Research Analysts;
Broker Networks;
Equity Trading;
Institutional Investing
Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Journal of Financial Economics 145, no. 2A (August 2022): 208–233.
- September 2011 (Revised September 2011)
- Case
Perella Weinberg Partners: New Firm, Old Values
By: Clayton S. Rose and Aman Malik
In the five years since it opened its doors, the investment banking boutique Perella Weinberg Partners had grown into a firm that advised a roster of blue-chip clients on critical transactions and had over $8 billion of client assets under management. The three...
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Keywords:
Cost;
Investment Banking;
Growth and Development;
Compensation and Benefits;
Growth and Development Strategy;
Market Entry and Exit;
Going Public;
Banking Industry
Rose, Clayton S., and Aman Malik. "Perella Weinberg Partners: New Firm, Old Values." Harvard Business School Case 312-013, September 2011. (Revised September 2011.)
- February 2015
- Case
Longbow Capital Partners
By: Malcolm Baker, Samuel G. Hanson and James Weber
Longbow Capital Partners is a value-oriented long/short hedge fund focused on stocks in the energy sector. In January 2011, Longbow had invested in NiSource, a Fortune 500 company that owns a diverse portfolio of regulated energy businesses. In late 2014, Longbow was...
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Keywords:
Value Investing;
Investment Strategy;
Dividend Yield;
Intrinsic Value;
Dividend Discount Model;
Master Limited Partnership;
Hedge Fund;
Energy Industry;
Regulation;
Utilities;
Finance;
Financial Services Industry;
United States
Baker, Malcolm, Samuel G. Hanson, and James Weber. "Longbow Capital Partners." Harvard Business School Case 215-026, February 2015.
- 2021
- Working Paper
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...
View Details
Keywords:
Financial Intermediation;
Institutional Investors;
Research Analysts;
Broker Networks;
Equity Trading;
Institutional Investing;
Financial Services Industry
Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Harvard Business School Working Paper, No. 20-016, August 2019. (Revised June 2021. Accepted at the Journal of Financial Economics.)
- June 2018 (Revised October 2018)
- Teaching Note
Valuing Snap After the IPO Quiet Period (A), (B), and (C)
By: Marco Di Maggio and Benjamin C. Esty
Teaching Note for HBS Nos. 218-095, 218-096, and 218-116.
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Keywords:
Sell-side Analysts;
Underwriters;
Investment Banking;
Social Network;
Discounted Cash Flow;
Cost Of Capital;
Conflicts Of Interest;
Corporate Governance;
Advertising;
Quiet Period;
Business Startups;
Digital Marketing;
Initial Public Offering;
Information Infrastructure;
Valuation;
Venture Capital;
Forecasting and Prediction;
Social Media;
Advertising Industry;
Entertainment and Recreation Industry;
Web Services Industry;
United States;
California
- 10 May 2004
- Research & Ideas
Rethink the Value of Joint Ventures
multinationals are most likely to overlook in global expansion? A: I'm quite interested in how multinationals view investments in emerging markets. My sense is that firms vary greatly in their appetite for risk in these settings and that...
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Keywords:
by Cynthia Churchwell
- 10 Sep 2010
- Working Paper Summaries
The Impact of Corporate Social Responsibility on Investment Recommendations
- 22 Feb 2000
- Research & Ideas
Social Capital Markets: Creating Value in the Nonprofit World
in Philanthropy, who willspearhead the effort along with Allen Grossman, Bloomberg Senior Lecturerin Philanthropy. But a new understanding is emerging: these dollars, whilecharitable, are still capital investments of precious...
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Keywords:
by Anne Kavanagh
- October 2014
- Article
Do Analysts Add Value When They Most Can? Evidence from Corporate Spinoffs
By: Emilie Feldman, Stuart C. Gilson and Belen Villalonga
This paper investigates how securities analysts help investors understand the value of diversification. By studying the research that analysts produce about companies that have announced corporate spinoffs, we gain unique insights into how analysts portray diversified...
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Keywords:
Analysts;
Spin-offs;
Diversification Discount;
Information Asymmetry;
Value Creation;
Business Subsidiaries;
Diversification;
Corporate Strategy;
Investment
Feldman, Emilie, Stuart C. Gilson, and Belen Villalonga. "Do Analysts Add Value When They Most Can? Evidence from Corporate Spinoffs." Strategic Management Journal 35, no. 10 (October 2014): 1446–1463. (Winner, "Distinguished Paper Award," 2012 Academy of Management Meetings (Business Policy & Strategy Division.))
- October 16, 2019
- Article
Where ESG Fails
By: Michael E. Porter, George Serafeim and Mark Kramer
We are entering a new stage of understanding of the linkage between investment performance and social impact. Previous approaches, such as socially responsible investing and environmental, social, and governance (ESG) screening, have obscured the opportunities for...
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Keywords:
ESG;
Sustainability;
Environment;
Social Impact;
Impact Investing;
ESG (Environmental, Social, Governance) Performance;
ESG Reporting;
Shared Value;
Environmental Sustainability;
Social Issues;
Investment;
Value;
Strategy
Porter, Michael E., George Serafeim, and Mark Kramer. "Where ESG Fails." Institutional Investor (October 16, 2019).
- 03 Nov 2014
- Working Paper Summaries
Adding Value Through Venture Capital in Latin America and the Caribbean
- Article
Business Investment in Education in Emerging Markets Since the 1960s
By: Valeria Giacomin, Geoffrey Jones and Erica Salvaj
This article examines non-profit investments by business in education in emerging markets between the 1960s and the present day. Using a sample of 110 interviews with business leaders from an oral history database, the study shows that more than three-quarters of such...
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Keywords:
Economic History;
Oral History;
Education;
Philanthropy and Charitable Giving;
Business History;
Emerging Markets;
Reputation;
Corporate Social Responsibility and Impact;
Education Industry;
Africa;
Asia;
Latin America;
Middle East;
India;
Chile;
Colombia;
Sri Lanka;
Kenya
Giacomin, Valeria, Geoffrey Jones, and Erica Salvaj. "Business Investment in Education in Emerging Markets Since the 1960s." Business History 63, no. 7 (September 2021): 1113–1143.
- 2023
- Working Paper
The Effects of Cryptocurrency Wealth on Household Consumption and Investment
By: Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson and Jason Kotter
This paper uses transaction-level data across millions of accounts to identify cryptocurrency investors and evaluate how fluctuations in individual crypto wealth affect household consumption, equity investment, and local real estate markets. We estimate an MPC out of...
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Keywords:
Cryptocurrency;
Marginal Propensity To Consume;
Household Balance Sheet;
Real Estate;
Etherium;
Bitcoin;
Investment;
Housing;
Spending
Aiello, Darren, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, and Jason Kotter. "The Effects of Cryptocurrency Wealth on Household Consumption and Investment." Harvard Business School Working Paper, No. 23-077, June 2023.